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PayPal Holdings Inc. is adding a new card to bring its online credit product to physical stores as the company focuses on expanding its name recognition with in-person transactions.
Assuming they split this with PayPal 50/50 this would imply about $129.90 in annual revenue per Venmo Credit Card, unlocking $584.55 million in annual revenue.
The new PayPal Credit credit card is issued by Synchrony. “Bringing customers another physical card option to use for everyday purchases gives them greater purchasing power both on and offline,” Bart Schaller, Synchrony executive vice president and chief executive, says in a statement. In 2017, PayPal and Synchrony extended their partnership.
Core card payment processing from PayPal Braintree costs 2.59% plus $0.49 per transaction. Verified nonprofits qualify for a discounted fee of 1.99% plus $0.49 per transaction.